Grey And Still In The Red

I read a newpaper article this morning about Britain's 'grey army' owing £57billion in mortgages, credit cards and loans. It goes on to say that 20% of them still have around £38,000 left to pay on mortgages and about 33% of these over-65s have an average of £5,900 in credit cards and loans.

In the industrial age, people were taught to work for companies that will take care of them when they retire. This mentality bred a large group of financial illiterates who never did any 'financial checkup' until they retire.

In this information-saturated age', the rules have changed. You cannot hand over your financial destiny to any company or the government for that matter. It is your responsibility to make sure that RETIREMENT does not mean POVERTY.